Uncovering the ultra-rich: 66% of Singapore-based billionaires are expats, reveals poll

The number of billionaires in the island jumped to 32 in 2014.

For a small island nation, Singapore is definitely awash in cash. The Wealth X and UBS Billionaire Census 2014 reveals that there are 32 billionaires in the island as of 2014, up from 27 in 2013.

The mean net worth of Singapore-based billionaires is US$2 billion, with an average age of 62. 66% of these billionaires were born outside Singapore, while 31% are involved in finance, banking and investment.

Meanwhile 91% have at least partially made their own wealth. Interestingly, 16% of Singapore’s billionaires have no formal education beyond high school.

The study showed that there are no female billionaires in Singapore, and that 75% of Singapore’s billionaires’ primary businesses are privately owned.

“Singapore’s growing importance as a hotspot for billionaires and hub for foreign capital flows has enabled numerous individuals to seize opportunities in the city-state’s finance, banking and investment industry. Like Hong Kong, real estate is also a key industry in Singapore and many new property developments o"er the potential for further wealth gains,” noted the report.